‘JLL’s perspective: Private residential units sold by developers in October 2017’ news release reports that sales of residential units in Singapore improved on September’s numbers.

At a glance:

• 758 private residential units were sold by developers in October
• This is 15.4% more than the previous month
• But it’s a sharp 39.5% drop yoy as launches remained low-key
• In October, 242 units were launched for sale
• This is higher than the 73 launched in September
• But it's an 83.8% plunge from the 1,494 placed on the market last October
• In the first ten months of this year, developers sold 9,460 private homes
• This is 36.9% higher than the same period in 2016

Click here to read our recent article: Singapore residential sales results in September 2017

According to JLL, two fresh private residential projects were launched in October:

Carpmael Thirty-Eight launched all of its 16 units but did not sell any

The Navian launched 24 of its 48 units and sold 12 at a median price of $1,543 psf.

The top selling projects during October:

• Sophia Hills (62 units at median price of $2,029 psf)
• Martin Modern (47 units at median price of $2,343 psf)
• Gem Residences (43 units at $1,504 psf)
• Stars of Kovan (38 units at median price of $1,505 psf)
• TRE Residences (38 units at median price of $1,424 psf)

New executive condominium (EC) sales softened in October, slipping 15.3 per cent from the previous month to 211 units. It is the lowest monthly new EC sale since January 2017. After the launch of Hundred Palms in July, there has been no new EC launch since then. From January to October this year, 3,776 new EC units have been sold, 6.2 per cent more than the same period in 2016. However, only 1,555 new EC units were launched in the first 10 months of 2017, a 41.4 per cent drop from the same period last year.

Top selling EC projects in October:

• INZ Residence (45 units at a median price of $797 psf)
• The Criterion (39 units at a median price of $767 psf)
• Parc Life (33 units at a median price of $811 psf)
• Signature at Yishun (33 units at a median price of $766 psf)
• Northwave (30 units at a median price of $756 psf).

Mr. Ong Teck Hui, National Director of Research & Consultancy at JLL commented: “Many of the more affordable private residential projects have sold out or are substantially sold and coupled with new launches remaining low-key, the options for buyers has narrowed with sales remaining moderate. This is likely to be the trend going forward unless a major launch occurs leading to higher sales. As the 735-unit Parc Botannia was launched in November, we could see an improvement in sales this month. As unsold inventory in launched projects reduce, and as prices recover, the market is turning in favour of developers.

EC supply is getting tighter as most of the EC projects on the market are substantially sold leaving about a handful with a bit more inventory to cater to buyers. The absence of new launches will continue to keep new EC sales at a moderate level.

If you have any queries about this report or wish to discuss the Singapore market in general, email Ong Teck Hui from JLL Singapore via the contact details below.

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